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The Gulf Coast appears to have dodged a bullet after Marco — once a tropical storm — collapsed into a post-tropical cyclone as it neared the Louisiana coast. But the National Hurricane Center (NHC) warns that the region faces a more substantial threat in Hurricane Laura.Just after 8 a.m. on Tuesday, the NHC reported that Laura had officially strengthened into a Category 1 hurricane, with maximum sustained winds of over 74 mph. As part of the agency's 11 p.m.. ET update, the storm is expected to reach the Louisiana or Texas coast by late Wednesday evening or early Thursday morning. By the time it reaches the coast, the NHC forecasts that the storm could be a Major Category 3 hurricane, with maximum sustained winds of 120 MPH.At 11 p.m. ET on Tuesday, Hurricane Laura had top winds of 90 MPH, and was located 405 miles southeast of Lake Charles, Louisiana. The storm is moving west-northwest at 17 MPH.The storm has already proven to be deadly. Haiti's Civil Protection Agency reports that 21 people were killed as the then tropical storm passed over the nation.A Twitter List by alexhider The NHC said Tuesday that the system could bring life-threatening storm on the Gulf Coast from as far west as San Luis Pass, Texas to as far east as Ocean Springs, Mississippi.The agency also warned that an inland region of the south-central United States could face flash floods and urban floods by the end of the week and into the weekend.A hurricane watch is currently in effect across the Gulf Coast, between Port Bolivar, Texas, to the west of Morgan City, Louisiana. The city of Galveston, Texas has already announced a mandatory evacuation and has ordered anyone within the city to leave and move inland by noon on Tuesday. 1736
The House of Representatives on Thursday approved a two-week extension for a government funding deadline in an effort to avert a partial government shutdown this week but setting the stage for a partial one on December 21.The stop-gap measure, which the Senate is also expected to pass, pushes the deadline for when funding will expire for several government agencies from December 7 to December 21 -- setting up a showdown over spending just days before Christmas.Lawmakers came together to pass the funding extension after the death of George H.W. Bush. On Capitol Hill, much of the week has been dedicated to paying tribute to the former President who was lying in state in the US Capitol rotunda for several days.Congressional leaders in both parties have indicated they do not want a partial shutdown, but Democrats and Republicans remain at an impasse over President Donald Trump's demand for billion for his long-promised border wall and the issue continues to be the key sticking point in negotiations."It's getting late. It's not five minutes to midnight yet but it's getting towards the end of the month," Republican Sen. Richard Shelby, the chairman of the Senate Appropriations Committee said Wednesday.Asked how two additional weeks would help lawmakers reach an agreement over wall funding, Shelby replied, "I think you could do it in 15 minutes if you could reach some sort of resolution to it. Will they, is a good question. ... I don't know if they will."A key question now is whether the President and congressional Democratic leaders can strike a deal.Senate Republicans have floated the possibility of attempting to allocate billion over the next two years. But any spending bill would need at least some Democratic votes to pass.Senate Democratic Leader Chuck Schumer has so far said that the President should either agree to enact an existing Department of Homeland Security funding bill that has bipartisan support in the Senate and would allocate .6 billion for border security or keep DHS funded for another year via a short-term spending measure known as a continuing resolution.The President has kept up the pressure over the course of the week by reiterating his call for funding for the wall. "We would save Billions of Dollars if the Democrats would give us the votes to build the Wall. Either way, people will NOT be allowed into our Country illegally!" the President tweeted on Monday.Lawmakers passed a government spending package to fund much of the government prior to the 2018 midterm elections -- so if there is any kind of a shutdown, it would not affect all of the federal government.But that doesn't mean a partial shutdown would not be disruptive. The current funding deadline is in effect for government entities including the Department of Homeland Security, the State Department and the Interior Department. 2867
The number of people killed in wildfires burning in California has risen to 50 -- including 48 from northern California's Camp Fire, already the most destructive and deadly blaze in state history.As firefighters battle that fire Wednesday in Butte County north of Sacramento, authorities fear more human remains will be found as searchers comb through rubble and ashes in Paradise, the ravaged town of about 27,000 residents."I want to tell you, though, this is a very, very difficult process," Butte County Sheriff and Coroner Kory L. Honea told reporters. "There's certainly the unfortunate possibility that even after we search an area, once we get people back in there, it's possible that human remains can be found."PHOTOS: Wildfires devastationAuthorities have requested that 100 National Guard troops join cadaver dogs, mobile morgues and anthropology teams in the grim search and recovery of human remains.In Southern California, firefighters still are battling the Woolsey Fire, which so far has left two people dead in Malibu.They've also been fighting a new blaze, the Sierra Fire, in San Bernardino County. It started late Tuesday about 50 miles east of Los Angeles near Rialto and Fontana, and by Wednesday morning had burned 147 acres, though no evacuations have been ordered, the San Bernardino County Fire District said.Fire officials said the Sierra Fire was fanned by the Santa Ana winds -- strong, dry winds that high-pressure systems push from east to west, from the mountains and desert areas down into the Los Angeles area.Winds will be "particularly strong" Wednesday morning but are expected to weaken by evening, the National Weather Service said.Meanwhile in Northern California, forecasters have said the winds fueling the Camp Fire would slowly begin to decrease Wednesday and give firefighters a reprieve. 1842
The interest rate on the 30-year fixed-rate mortgage remained near record lows in June and is likely to stay there in July.The 30-year fixed averaged 3.33% APR in the first four weeks of June, a smidgen lower than the 3.37% average APR in May and 3.36% in April. June’s rate average was the lowest in the four-year history of NerdWallet’s daily rate survey.A mission to reduce ratesMortgage rates were remarkably anchored from April through June after the Federal Reserve intervened to stabilize rates and push them down.But the Fed’s intervention hasn’t been entirely successful: Although mortgage rates have been remarkably stable, they’re stuck at a higher-than-expected level. To put it more bluntly, rates should be lower.Since March, the central bank has bought billions of dollars’ worth of Treasurys and mortgage bonds “to sustain smooth market functioning, thereby fostering effective transmission of monetary policy to broader financial conditions,” as the Fed explained in a June 10 statement.Dissecting that short passage:The Fed is saying that its goal is to push interest rates, including mortgage rates, lower. That’s what “transmission of monetary policy to broader financial conditions” means.It’s trying to accomplish that goal by buying Treasurys and mortgage bonds to calm and stabilize those markets. Stabilizing markets is a method, not the goal.? MORE: How mortgage rates are determinedFed failed to make a bigger splashThe Fed has succeeded in calming the waters. That’s why there were ripples, not waves, in fixed mortgage rates from April through June. But it has only partially succeeded in its goal to push interest rates lower. For the Fed to declare victory in “fostering effective transmission of monetary policy to broader financial conditions,” mortgage rates would have to fall another half a percentage point or so.With its intervention, the Fed decreased Treasury yields and mortgage rates. But the results are unequal: Since January, the 10-year Treasury yield has fallen a little over one percentage point, while the 30-year mortgage has fallen about half a percentage point. Normally, the two would fall roughly the same amount.Rates slow to sync with TreasurysWhy haven’t mortgage rates fallen further? You might guess that lenders are keeping rates elevated to offset the risk of mortgages going into default during the COVID-19 recession. But mortgage rates tend to fall during recessions.? MORE: What COVID-19 means for mortgage ratesMaybe mortgage servicers, the companies that collect monthly payments and work with past-due borrowers, want to be paid for the increased risk they bear, and it’s translating to higher rates. Maybe an undetected economic force keeps a floor on mortgage rates, preventing the 30-year fixed from falling below 3% and lingering there.A more plausible theory is that mortgage rates will follow historical patterns and shamble lower until they’ve fallen roughly the same as Treasury yields. That’s the conclusion that Bill Emmons, economist for the Federal Reserve Bank of St. Louis, makes in a paper titled “Why Haven’t Mortgage Rates Fallen Further?”Using history as a guide, Emmons writes, “we would expect a further decline in mortgage rates of perhaps 0.5 percentage points.” If he’s right, mortgage rates might drop in July.Don’t count on it, though. Not after these two months of stability; rates might continue to tread water.More From NerdWalletCompare current mortgage ratesHow much home can I afford?Buying or selling a home during the pandemicHolden Lewis is a writer at NerdWallet. Email: hlewis@nerdwallet.com. Twitter: @HoldenL. 3623
The Orange County Zoo is evacuating animals and staff because of a fast-moving wildfire in Southern California.About 150 animals are temporarily relocating to the Santa Ana Zoo.The animals include bears, goats, mountain lions, bobcats, coyotes, and various birds of prey. The Orange County Zoo is part of an area under mandatory evacuation orders from the Silverado Fire. 379